On the daily chart, GBP/USD is trading slightly bullish, but it is still ins the zone around the 200 SMA. We should expect a rally towards the resistance zone of 1.5640 and also, a higher continuation towards new highs. However, if a
pullback take place at currentl evels, it would be expected to test the
support zone of 1.5450.
GBP/USD found a strong bottom
around the level of 1.5502 and now it is trading above the 200 SMA on the H1
chart. There is a resistance level of 1.5568 still to be broken
during this bullish road, but eventually, the pair could trade higher
again in order to reach new highs. We should expect a bullish
consolidation for the mid-term when GBP/USD moves above that
moving average again.
resistance levels: 1.5543 / 1.5640
support levels: 1.5450 / 1.5332
H1 chart’s resistance
levels: 1.5568 / 1.5594
H1 chart’s support levels:
1.5524 / 1.5502
Trading recommendations for today: Based on the H1 chart,
place buy (long) orders only if the GBP/USD pair breaks a bullish
candlestick; the resistance level is at 1.5568, take profit is at
1.5594, and stop loss is at 1.5542.
The material has been provided by InstaForex Company – www.instaforex.com